Mystery surrounds Hong Long bond pricing

The Chinese property developer suspends trading of its shares, fuelling speculation that its long-awaited bond transaction may have priced yesterday afternoon.

Chinese property developer Hong Long yesterday suspended the trading of its shares pending the announcement of a deal comprising $90 million five-year 12.5% senior notes and 81 million warrants, according to the Hong Kong Stock Exchange website.

As a result, market sources say the deal may have priced yesterday afternoon. However, bankers involved in the transaction declined to comment, with Citi reportedly even refusing to share the details of the trade, or indeed whether it had priced, with joint lead...